On the weekly time frame we see that not only gold is gonna break its lower range. Its also about to break 72 EMA and 14 EMA. As you can see a break of either of this EMA levels made gold trade in the direction of the break for a few weeks and now its about to break both of them almost at once.
The Adx indicator also shows a strong bearish trend and Stoch Rsi made a nice bearish crossover on the weekly time frame meaning that buying pressure is over.
How to trade: Sell at CMP or sell the Spike. SL at 1240. TP: Who knows where this will end, 1190 might be first bounce back zone
Trade active
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Trade active
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Trade active
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Long term trade as usual with the weekly time frame. When you click the play button you see that it had a small correction wave up that after spike against the trend line went back down again.